With 2011 seeing the debate of the use of nuclear power intensified after the failures at the Fukushima nuclear plant in the wake of the Japanese tsunami and earthquake, a new facility has been announced this week for the placing of nuclear risks.
The hunt for energy reserves in ever more remote and hostile environments is putting pressure on the market alongside the lingering issues of further international regulations and challenging liability exposures.
A new offshore well liability cover has been launched by Munich Re in an effort to create a new level of risk coverage for catastrophic oil spill following well blow outs.
Marine and energy underwriters in the Lloyd’s market he said they will continue to push for further talks with U.S. politicians over the liability limits for oil pollution.
Houston Marine Insurance Seminar Chairman Steve Weiss welcomed delegates to Houston with the message that this year the key theme is one of transition both for the industry and the risks it is asked mitigate.
As the debate over the ongoing moratorium on offshore drilling continues, a leading loss adjuster has said the decision to move many rigs from the Gulf of Mexico to other areas of the world where they can operate is creating new risk for underwriters to consider.
As the debate over the ongoing moratorium on offshore drilling continues a leading loss adjuster has warned the departure of rigs and equipment from the Gulf of Mexico will impact the ability of market to return to normal after it is lifted.
Gordon McBurney, President and Chief Underwriting Officer, Liberty International Underwriters will deliver the keynote address tomorrow and he says the market could not be meeting at a more opportune time as it stands at a crossroads.
The Deepwater Horizon loss has been described as the offshore energy market’s “perfect storm” and one which will have long lasting implications for the future global offshore market.
There is a growing demand from rig operators for greater levels of risk management around well control issues as the underwriting community looks at their liability limits.
While the financial crisis coupled with a fall in the costs of oil and gas has seen a sharp drop downturn in offshore rig utilisation rates in all exploration and production areas of the world, claims are still on the rise according to the International Union of Marine Insurance (IUMI).
As the efforts to stem the flow of oil from the well following the Deepwater Horizon loss shows little sign of success insurers say the final toll form the explosion and subsequent leak may be far higher then first feared.
The well, located in Keathley Canyon block 102, approximately 250 miles (400 kilometres) south east of Houston, is in 4,132 feet (1,259 metres) of water.
The already competition onshore oil and gas market in the US has seen two new entrants in the space of two weeks with both Torus and Lloyd’s group Chaucer basing underwriters in Houston.
The importance of the USA’s oil and gas industry has been put sharper focus in a new study commissioned by the American petroleum Institute which shows the industry supports 9 million American jobs.
The rise in the use of floating platforms in the Gulf of Mexico and other offshore fields will see a leading executive from one of the world’s leading P&I Clubs urge firms to check their wordings.
The global satellite industry is bucking the economic downturn and as such there is every possibility that it will continue to be an increasingly important area of the insurance market according to one leading broker.
The World Economic Forum today released Global Risks 2010, its annual report on the most significant and underlying global risks facing the global economy this year and beyond with a slump in energy investment is a serious worry.
A new product guarantee insurance solution tailored for the booming solar panel manufacturing sector in Asia – the first of its kind in the region has been launched by Munich Re and broker Marsh.
The offshore energy market has been warned that unless it meets the challenge of how to price catastrophe risks, particularly in the Gulf of Mexico capital providers will start to shun the sector.
The Chairman of Broker Marsh’s energy practice has warned that National Oil Companies need to prepare for ongoing price volatility as the global economy emerges from recession.
A resurgent level of capital and with it increased competition is set to drive down premiums across the energy market in 2010 according to broker Marsh.
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